Bitcoin ETFs Attract $754 Million Of Capital

Exchange-traded funds (ETFs) that track the spot price of Bitcoin (CRYPTO: $BTC) attracted $754.69 million U.S. of capital over the past week.

Data from SoSoValue shows that about a dozen spot Bitcoin ETFs in the U.S. had their best week since April of this year as inflows to the funds increased.

Analysts say the inflows show a tentative recovery among institutional investors that are starting to reallocate capital to the Bitcoin ETFs.

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In June of this year, the Bitcoin ETFs saw cumulative outflows of nearly $5 billion U.S. as hedge funds, pensions, and other institutions pulled capital out of the funds.

The inflows into the spot Bitcoin ETFs comes despite reports over the past week of the Coldcard hack, which drained $130 million U.S. of BTC from digital wallets.

The new money flowing into the ETFs also comes with Bitcoin's price stuck trading in a range of $60,000 U.S. to $65,000 U.S., with little movement over the past week.

And crypto bulls were dealt a blow in recent days by news that the U.S. Senate will not vote on the Clarity Act legislation before Congress takes its summer recess on Aug. 7.

Still, inflows to Bitcoin ETFs continue to recover following massive outflows in May and June of this year as investors turned skittish on digital assets.

Analysts note that inflows to Bitcoin ETFs have been increasing each week since the end of July, a bullish sign regarding institutional demand.